I assume you mean the recharacterization was in 2021 (before April 15). No you do not enter a contribution to the traditional IRA, please follow the steps below to enter the recharacterization in TurboTax:
- Login to your TurboTax Account
- Click on the Search box on the top and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Roth contribution amount
- Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and and enter the amount (no earnings or losses)
- TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
If you considering to make as a backdoor Roth conversion in 2021 then answer "Yes" on the screen "Choose Not to Deduct IRA Contributions".
TurboTax will create all the forms you need for this transaction.
You will get a 1099-R 2021 in 2022 for the recharacterization with code R-Recharacterized IRA contribution made for 2020 and this belongs on the 2020 return. But a 1099-R with code R will do nothing to your return. The box 1 on the 1099-R will report the total recharacterized amount (contribution plus earnings) but it does not separately report the earnings and box 2a must be zero.
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